Trump says Federal Reserve ‘has gone crazy’ after big stock drop

11/10/2018

The Dow Jones dropped by more than 800 points on Wednesday in one of the worst days for the stock market since February, and President Donald Trump had an explanation ready when asked by reporters. "They're so tight. I think the Fed has gone insane", Trump told reporters on his way to a rally in Pennsylvania.

President Donald Trump slammed the Federal Reserve as "crazy" for its interest-rate increases this year in comments hours after the worst USA stock market sell-off since February. "The Fed has gone insane", Trump said.

At market close Wednesday, the Dow Jones average was still up more than 5,000 points since President Trump took office. A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks. "But I really disagree with what the Fed is doing, okay?"

The sell-off came a day after the International Monetary Fund said the world economy is plateauing and cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets.

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products. President Trump blamed the Federal Reserve - and his appointee Jerome H. Powell - for the big drop Wednesday. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

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Mr. Trump said earlier this week that he thought the central bank was moving too quickly with a series of planned interest rate hikes.

Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".

"There are a number of worries for investors right now, from the pace of rising bond yields and the impact on investor sentiment, to Italy's populist coalition playing a game of chicken with the European Commission, stalling Brexit negotiations and the ongoing trade conflict between the U.S. and China", said Craig Erlam, senior market analyst at Oanda trading group.

The Fed has been raising interest rates gradually since December 2015, and last month lifted its target for short-term rates to a range of 2 per cent to 2.25 per cent, responding to an economy that has been growing at a pace well above what Fed officials believe is sustainable.

Last week's jump in yields followed strong U.S. data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programs.

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The officials wanted to bring him back to Saudi , the Post reported , citing an unidentified official familiar with the situation. Saudi Arabia has denied the allegations. "The administration is so close to Saudi Arabia", Scarborough told Ignatius.

Despite approaching Florida from the Gulf Coast side, Tropical Storm Michael is expected to have some impact on Northeast Florida. Tropical Storm Michael became the thirteen named storm in the 2018 Atlantic Hurricane Season on Sunday afternoon.

The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. US stocks are plunging toward their worst loss in six months on Wednesday as technology companies continue to take sharp losses.

Broad carrier availability: The Samsung Galaxy Note 9 is available on all United States wireless carriers and various retailers. The new large-sized displays and other features of the smartphones are definitely the aspects that will draw maximum attention.

While she forgave him eventually, she said the "damage was done" as he told others in Mumbai that Sandhya was hard to work with. Whom I have always love and respected. "He says he had learnt his lesson and that he would go to therapy and change it all".

Side-stepping any potential mishaps that could come along with an internet-connected camera feels like the right decision. All they need is to have the new Google Home app installed and you can all live the convenient, smart home lifestyle.

We won the European Championship that year and there's no better feeling than winning something with your country. I [asked] him: "'Big one?' and he said: "'I don't think so, but big enough that I go off'".

David Ruddock, the managing editor of Android Police, recently tweeted and insisted Google has a Pixel Slate tablet in the works. Titan, a form of security Google has developed for its data centres, is now also apparently found on the new Google phones.

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